The Dow surged over 5% while the S&P 500 and Nasdaq each jumped more than 4% in a major rebound following last week's steep sell-off sparked by fears about the coronavirus
- The Dow Jones Industrial Average surged over 5% on Monday while the S&P 500 and Nasdaq each jumped more than 4% in a major rebound following last week’s steep sell-off sparked by fears about the coronavirus.
The S&P 500 remains down 8.7% from its Feb. 19 record high close. Many investors will consider the index to remain in a correction until it reclaims its high. “We can shrug off an economic downturn, but if it starts to spill into companies’ capacity to pay their debts, then that creates deeper problems. But it seems to me like the central banks are linking arms to find a way to insulate the credit markets from economic uncertainty,” said Jack Ablin, chief investment officer at Cresset Wealth Advisors in Chicago.
The Dow Jones Industrial Average jumped 5.09% to end at 26,703.32 points, while the S&P 500 surged 4.60% to 3,090.23.Trading was very busy on U.S. exchanges, with 14 billion shares changing hands compared with a 9.5 billion-share average for the last 20 days.The Institute for Supply Management said domestic manufacturing activity barely expanded last month due to supply issues stemming from the virus outbreak.
Cancer drug developer Forty Seven Inc soared 62% after larger peer Gilead Sciences made a $4.9 billion offer for the firm. Gilead jumped 8.71%.Surgical mask maker Alpha Pro Tech Ltd tumbled 22% but remains up over 350% year-to-date.
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